变量

(1)

(2)

C_top5

−6.374***

(−7.37)

C_hhi

−15.522***

(−8.65)

size

3.497***

3.603***

(17.84)

(18.27)

lev

−4.467***

−4.549***

(−3.59)

(−3.64)

roa

1.49

2.42

(0.43)

(0.70)

TobinQ

0.316*

0.323*

(1.72)

(1.77)

Independent

0.14

1.14

(0.04)

(0.36)

Board

3.346***

3.322***

(3.51)

(3.51)

Dual

−0.877**

−0.831**

(−2.27)

(−2.16)

balance

1.841***

1.843***

(5.86)

(5.86)

share1

8.121***

8.287***

(4.58)

(4.68)

Industry

控制

控制

Year

控制

控制

Constant

−61.358***

−65.198***

(−13.69)

(−14.52)

Observations

3463

3463

R-squared

0.31

0.32

adj_R2

0.31

0.31

F

40.98

40.98